Definitive Materials Filed by Investment Companies. (497)
February 01 2013 - 3:13PM
Edgar (US Regulatory)
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Summary Prospectus
April 30, 2012
as amended February 1, 2013
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RETAIL SHARE CLASS:
WTSVX
| INSTITUTIONAL SHARE CLASS:
WISVX
Before you invest,
you may want to review the Funds prospectus, which contains more
information about the Fund and its risks. You can find the Funds prospectus
and other information about the Fund online at http://www.westcore.com/LiteratureForms/ReportsProspectuses.aspx. You can also get this information at no cost by calling 800.392.CORE(2673), by sending an email request to WestcoreInvest@westcore.com, or by contacting your financial
intermediary. The Funds prospectus and statement of additional information, each
dated April 30, 2012, along with the Funds most
recent annual report
dated December 31, 2011, are incorporated by reference into this summary prospectus and may be obtained, free of charge,
at the website, phone number or e-mail address noted above.
Investment Objective
Westcore Small-Cap Value Fund (the Fund) seeks to achieve long-term capital appreciation primarily through investments in dividend paying companies with small capitalizations whose stocks appear to be
undervalued.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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Retail Class
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Institutional Class
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Shareholder Fees (fees paid directly from your investment)
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Annual Account Maintenance Fee (for Retail Class accounts under $750)
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$12.00
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage
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of the value of your investment)
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Management Fees
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1.00
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%
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1.00
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%
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Distribution (12b-1) Fees
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None
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None
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Other Expenses
(2)
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0.37
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%
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0.24
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%
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Acquired Fund Fees and Expenses
(3)
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0.01
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%
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0.01
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%
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Total Annual Fund Operating Expenses
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1.38
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%
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1.25
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%
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Fee Waiver and Expense Reimbursement
(1)
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(0.07
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)%
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(0.08
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)%
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Total Annual Fund Operating Expense After Fee Waiver and Expenses Reimbursement
(1)
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1.31
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%
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1.17
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%
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(1)
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Denver Investments (the Adviser) contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse Fund
level other expenses from April 30, 2012 until at least April 30, 2013, so that the ratio of expenses to average net assets as reported in the Funds Financial Highlights will be no more than 1.30% for the Funds Retail Class for such
period. In addition, the Adviser has contractually agreed to waive the investment advisory and/or administration fees and/or to reimburse Fund level Other Expenses for the Institutional Class in the same proportion as the Retail Class waivers/
reimbursements as well as reimburse the Institutional class-specific Other Expenses until at least April 30, 2013.
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(2)
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Restated to reflect current fees.
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(3)
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The Funds shareholders indirectly bear the expenses of the other funds in which the Fund invests (Acquired Funds). The operating expenses in this fee
table may not correlate to the expense ratio in the Financial Highlights in this Funds prospectus, because the Financial Highlights include only the operating expenses incurred by the Fund, not the indirect costs of investing in the Acquired
Funds.
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Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in either the Retail Class or the
Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds total annual
operating expenses remain the same. This Example reflects the net operating expenses with expense waivers for the one-year contractual period and the total operating expenses without expense waivers for two years through ten. Although your costs may
be higher or lower, based on these assumptions your actual costs would be:
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One Year
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Three Years
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Five Years
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Ten Years
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Retail Class
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$133
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$430
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$748
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$1,649
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Institutional Class
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$119
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$389
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$678
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$1,503
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PAGE 1
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April 30, 2012
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result
in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds
portfolio turnover rate was 40% of the average value of its portfolio.
Principal Investment Strategies of the Fund
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The Fund emphasizes investments in dividend paying, small-cap companies that the team believes to be undervalued based on various
financial measures/ratios with improving business prospects due to strong company and industry dynamics.
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Under normal circumstances, at least eighty percent (80%) of the value of the Funds net assets, plus any borrowings for investment
purposes, is invested in small-cap companies.
-
The Fund currently considers small-cap companies to be those included in, or similar in size to those included in its
benchmark index, the Russell 2000 Value Index, at the time of purchase. As of the most recent reconstitution of the benchmark index on May 31, 2011, the benchmark capitalization range was $131 million to $3.0 billion. As of March 31,
2012, the weighted average market capitalization of the benchmark index was approximately $1.2 billion as compared to approximately $1.6 billion for the companies within the Funds portfolio. Please note that these market capitalization measures will fluctuate over time.
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The Funds portfolio management team implements an investment strategy that is based on the belief that the market rewards companies
over time for their free cash flow rather than their reported earnings. The strategy utilizes a bottom-up approach, which is grounded in independent fundamental research. The team seeks to invest in companies where the future free cash flow and
return-on-invested-capital appear to be undervalued by the market. The team constructs a diversified portfolio designed to generate alpha primarily through stock selection.
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The team believes that the combination of proprietary, sector-specific quantitative screening and independent fundamental analysis provides an information advantage that is critical to exploiting
market inefficiencies. Through this approach, the team seeks to identify and thoroughly assess the key value-creating drivers for a company.
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The team researches companies where the early fundamental improvement in free cash flow appears sustainable and not yet recognized by the
market. It seeks to develop an in-depth understanding of the economics of the business and sustainability of a companys competitive advantage by speaking to sources that touch the product(s) or service(s) including customers,
suppliers, competitors and other industry contacts.
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Investing in cash-generative companies at attractive valuations is the goal of the teams process. The team values companies based
primarily on a proprietary discounted cash flow model using estimates derived from its proprietary research. The team seeks to manage risk through its valuation discipline and through in-depth fundamental research and portfolio structure.
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With respect to portfolio structure, the team maintains guidelines to typically limit the variance in exposure to a sector relative to the
benchmark.
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The Fund expects to only invest in securities of companies whose stock is traded on U.S. markets, including depository
receipts or shares issued by companies incorporated outside of the United States (e.g., ADRs).
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Stocks may be sold when conditions have changed and the companys prospects are no longer attractive, its stock price has achieved
the teams valuation target or better relative investment opportunities have been identified.
Principal Risks of Investment in the Fund
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Risk of Loss.
You could lose money by investing in the Fund.
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Market Risk.
As with any equity fund, the value of your investment will fluctuate over time
in response to overall movements in the stock market. Further, investments in common stocks tend to be more volatile than many other investment choices.
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Portfolio Management Risk.
The Fund is subject to the risk that the securities held by the
Fund will underperform other securities and/ or may decline in value.
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Small Company Risk.
The Fund is also subject to the general risk that the stocks of smaller
and newer companies can involve greater risks than those associated with larger, more established companies. Small-cap company stocks may be subject to more abrupt or erratic price movements due to a number of reasons, including that the stocks are
traded in lower volume and that the issuers are more sensitive to changing conditions and have less certain growth prospects. Small-cap companies in which the Funds may invest typically lack of financial resources, product diversification and
competitive strengths of larger companies which may cause the value of the Funds to be more volatile.
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Indirect Foreign Exposure
Risk.
Investments in U.S. traded securities that are organized under the laws of a foreign country or have significant business operations abroad may be impacted by certain foreign exposure risks indirectly.
This includes securities in the form of sponsored and unsponsored depositary receipts. Unsponsored depositary receipts may be created without the participation of the foreign issuer. Holders of these depositary receipts generally bear all of the
costs of the depositary facility, and the bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications from the foreign issuer or to pass through voting rights.
PAGE 2
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Risk/Return Bar Chart and Table
The following bar chart and table provide an indication of the risk of investing in the Fund by showing changes in the Funds Retail Class performance from year to year and by showing how the Funds average
annual returns for one year, five years and since inception for the Retail Class, and one year and since inception for the Institutional Class, compared with those of an unmanaged index of securities. The Funds past performance (before and
after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available on www.westcore.com or call toll-free 800.392.CORE (2673).
Retail Class - Calendar Year Total Returns as of December 31 (%)
Highest Quarterly Return:
9/30/2009 20.98%
Lowest Quarterly Return:
12/31/2008
(27.89)%
The returns above are for the Retail Class of the Fund. The Institutional Class would have substantially similar annual returns to the Retail Class because the classes are invested in the same portfolio securities. The
Institutional Class returns will be higher over the long-term when compared to the Retail Class returns to the extent that the Retail Class has higher expenses.
Average Annual Total Returns (for the Periods Ended December 31, 2011)
After-tax returns for the Retail Class are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on
an investors tax situation and may differ from those shown. After-tax returns are shown only for the Retail Class, after-tax returns to the Institutional Class will be different. After-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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Since Inception
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Retail Class Only
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Westcore Small-Cap Value Fund
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1 Year
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5 Years
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(December 13, 2004)
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Retail Class
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Return Before Taxes
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(0.31)%
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(0.16)%
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3.68%
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Return After Taxes on Distributions
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(0.45)%
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(0.34)%
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3.49%
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Return After Taxes on Distributions and Sale of Fund Shares
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(0.02)%
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(0.16)%
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3.16%
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Russell 2000 Value Index (reflects no deduction for
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fees, expenses, or taxes)
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(5.50)%
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(1.87)%
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2.62%
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Since Inception
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Institutional Class Only
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1 Year
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(September 28, 2007)
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Institutional Class
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Return Before Taxes
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(0.31)%
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(1.41)%
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Russell 2000 Value Index (reflects no deduction for
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fees, expenses, or taxes)
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(5.50)%
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(1.57)%
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PAGE 3
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April 30, 2012
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Management
Investment Adviser
Denver Investments
Portfolio Managers
Name(s) of Portfolio Manager(s) and Title(s)
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Date Began Managing the Fund
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Kris B. Herrick, CFA
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Partner, Director of Value Research Denver Investments; Portfolio Manager of the Fund
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December 13, 2004
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Mark M. Adelmann, CFA, CPA
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Partner, Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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December 13, 2004
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Derek R. Anguilm, CFA
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Partner, Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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December 13, 2004
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Troy Dayton, CFA
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Partner, Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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December 13, 2004
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Lisa Z. Ramirez, CFA
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Partner, Value Research Analyst Denver Investments; Portfolio Manager of the Fund
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April 30, 2009
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Other Important Information Regarding Fund Shares
Purchase and Sale of Fund Shares
As of the close of business on March 31, 2011, the Westcore Small-Cap Value Fund is closed to new investors. Shareholders of record of the Westcore Small-Cap Value Fund on March 31, 2011 may continue to add to their
existing accounts through the purchase of additional shares and through the reinvestment of dividends and capital gain distributions. New accounts may continue to be established under certain limited circumstances by financial advisors and/or
intermediaries whose clients have established accounts in the Westcore Small-Cap Value Fund as of March 31, 2011 or by existing or new participants in a qualified retirement plan. The Board of Trustees reserves the right to re-open the Westcore
Small-Cap Value Fund to new investors at any time or to modify the extent to which future sales of shares are limited.
The minimum initial purchase is $2,500 for the Retail Class and $500,000 for the Institutional Class. The minimum subsequent purchase is $25 for the Retail Class (or $25 per month for automatic investment). There is no
minimum subsequent purchase for Institutional Class. You may redeem shares of the Fund on any business day through the Funds website at www.westcore.com, by telephone at 800.392.CORE (2673), by regular mail at Westcore Funds, P.O. Box 44323,
Denver, CO 80201-4323, or by a systematic withdrawal plan (must be multiples of $50, and can be accomplished monthly, quarterly, or annually).
Tax Information
The Fund intends to make distributions that will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
Distributions of the Fund will be subject to federal income tax.
Financial Intermediary Compensation - Payments to Broker Dealers and other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more
information.
PAGE 4
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WC706
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